Havas Group has reported an organic growth of +5.8 per cent for the first nine months of 2008, indicating a strong level of revenue over the period. Revenue for the first nine months of 2008 stood at €1,118 million, an increase of +1.8 per cnt over the same period in 2007, at current exchange rates. A stronger Euro had a negative exchange rate impact of €65 million on the Group over the first nine months of the year in comparison with the same period in 2007. At constant exchange rates, revenue was up by +8.2 pr cent.
Organic growth in Q3 is explained by the following factors –
1) A particularly high basis for comparison (Q3 2007 organic growth: +9.3 per cent)
2) The loss of the Dell account in Asia, which reduced the Group’s Q3 growth by 0.6 points
3) A drop in investment in North America, specifically in the tourism, finance and health sectors
The Group is maintaining its target operating margin for 2008 at between 11 per cent and 12 per cent.
With organic growth of 5.8 per cent over the first nine months of the year, the company’s performance continues to be one of the best on the market. All regions are enjoying growth. Europe has performed particularly well with high growth continuing in all the main European countries, as has Latin America with double-digit growth.
Net new business remained highly dynamic in Q3. Over the first nine months of the year, the company’s net new business totalled €1,446 million, comparable to the same period in 2007 and one of the best relative performances in the sector.